This was contained in a statement jointly signed on Tuesday by the Executive Chairman of the Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba, and Director-General of the Bureau of Public Enterprises (BPE), Alex Okoh.
They said the affected companies are Kano Electricity Distribution Company (KEDCO), Ibadan Electricity Distribution Company (IBEDC), Benin Electricity Distribution Company (BEDC), Kaduna Electric, and Port Harcourt Electricity Distribution Company (PHED).
Garba And Okoh explained that the announcement followed Fidelity Bank’s activation of the call on the collaterised shares of kano, kaduna and Benin Electric distribution companies over their inability to repay loans obtained to pay for assets acquired in the 2013 privatisation exercise.
They added that the Asset Management Corporation of Nigeria (AMCON) would be a placeholder board for Ibadan electricity distribution company in a temporary capacity while the port Harcourt electricity distribution company undergoes restructuring to prevent its imminent insolvency.
